LAGOS, Nigeria – In a landmark move for financial inclusion, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a revolutionary pension-backed loan programme designed to empower the nation’s retirees. This initiative, a collaboration with Leadway Trustees and Optimus Bank, aims to fully integrate senior citizens into Nigeria’s consumer credit ecosystem.
Titled “Empowering Retirement with Consumer Credit,” the programme directly addresses a long-standing gap in the financial market. For decades, access to affordable credit has been largely restricted to active workers, leaving retirees without a means to fund essential needs such as healthcare, home improvements, small business ventures, or family support.
This innovative solution changes that narrative by leveraging retirees’ pension income to offer secure, low-interest loans with a simple and transparent process.
A Transformative Step for Financial Equity
Speaking at the launch event, Uzoma Nwagba, Managing Director/CEO of CREDICORP, highlighted the programme’s significance: “Annuitants are the backbone of Nigeria’s progress, yet they’ve been sidelined in the credit ecosystem. By partnering with Leadway Trustees, we’re delivering a solution that is safe, affordable, and empowering. This is consumer credit redefined—inclusive and equitable.”
How the Programme Works
Retirees can apply for loans starting from ₦50,000, with the maximum amount determined by their individual pension income. The repayment terms are carefully structured to align with monthly pension inflows, ensuring the process is sustainable and stress-free.
Powerful Testimonials from Early Beneficiaries
The launch event featured compelling stories from the first Nigerians to benefit from the programme:
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Mrs. Amina Sule, 68, Retired Teacher: “For years, I’ve wanted to start a small poultry business. This programme gives me the confidence to borrow affordably, knowing my pension secures my loan. It’s not just credit; it’s hope and independence.”
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Mr. Chukwuemeka Okeke, Retired Civil Servant: “Medical bills can be overwhelming. With this loan, I can cover my healthcare needs without stress. The process was straightforward, and I feel respected as a retiree.”
This initiative marks a pivotal moment in Nigeria’s journey toward universal financial inclusion and aligns with CREDICORP’s broader mission to expand access to consumer credit for all Nigerians, supporting President Bola Ahmed Tinubu’s Renewed Hope Agenda.